News: Elementos Limited appoints former Xstrata Coal chief geologist as CEO

Elementos Limited (ASX:ELT) has restructured its management as part of an initiative to reduce costs and reshape the business for the next phase of development.

The company has appointed chief operating officer Tim McManus as its chief executive officer, reflecting its commitment towards the development of the Cleveland tin-copper and tungsten mine in Tasmania.

Managing director Calvin Treacy will become a non-executive director and maintain an active role in the business.       

McManus has over 20 years of experience in mining and geology, including significant experience in project development.

He was formerly chief geologist with Xstrata Coal, regional manager with AMC Consultants, and managing Director of Scorpian Energy.

The changes reflect the company’s commitment to reducing costs whilst it finalises the Tailings Project Pre-Feasibility Study and other technical studies at Cleveland.

Other cost reduction measures include reducing non-executive director fees, outsourcing the company secretarial function and relocating the office premises.

“The cost reduction measures are an initiative aimed at maximising available resources for the Cleveland project and positioning the Company for future development success,” chairman Rick Anthon said.

“We thank Calvin for his efforts as managing director since the merger with Rockwell Minerals in 2013.

“We welcome Tim as CEO and look forward to the company’s ongoing development of the Cleveland Project, as we move towards production in 2016/17.”

Earlier this month, it received a Research and Development tax refund of $273,000 under the Federal Government’s R&D Tax Incentive Scheme for the period from 7 December 2013 to 30 June 2014.

The company is awaiting confirmation of a refund for the period 1 July 2013 to 6 December 2014.


Cleveland Tailings Project

The reprocessing of tailings is a fast way to generate cash for open pit mining, which will in turn provides the cash flow to redevelop the Cleveland underground mine.

The tailings resource is stored above ground on-site in two tailings dams. These contain a substantial quantity of recoverable tin and copper due in part to operational inefficiencies and technical limitations of tin processing whilst the mine was in operation between 1968 and 1986.

Capital expenditure and operating costs would be expected to be low in keeping with tailings reprocessing operations.

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